The Strategist

Biden to introduce tax on excess profits of US oil and gas companies

11/01/2022 - 08:52

If oil and gas firms do not take action to lower fuel market prices by investing in production, U.S. President Joe Biden may slap a tax on their high incomes, the Associated Press learned.

Gage Skidmore via flickr
Gage Skidmore via flickr
The potential of implementing a "windfall profits tax" on oil and gas companies may be raised by President Joe Biden in a request to Congress.

According to a White House source who spoke to The Associated Press, he might take such action if energy companies don't invest in domestic production to drop fuel market prices and lower costs for Americans.

According to the source, Biden would shortly respond to "recent claims that the big oil firms are reaping record profits even as they refuse to help cut oil prices for the American people."

The AP interlocutor claims that Biden would tax energy corporations' surplus earnings in order to pressure them to lower consumer costs.

On Saturday, October 29, Biden tweeted, "Oil firms made billions of dollars in profits this quarter." He claimed that instead of investing in manufacturing and bringing down prices for Americans, the firms are utilizing these record earnings "to enrich their wealthy stockholders." This is unacceptable in the eyes of Biden, and businesses are demanding lower gas costs.



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